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by IANS |
New Delhi, April 11 (IANS) Gold prices rose 1.65 per cent during the week extending gains for their consecutive week, amid safe haven buying and weakened US dollar over easing inflation fears and the start of the US-Iran ceasefire negotiations.
On Friday, MCX gold June futures added 0.02 per cent while MCX silver May futures inched up 0.01 per cent. Currently gold futures stand at Rs 1,52,690, while silver futures at Rs 2,43,300 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,50,327 on Friday up from Rs 1,47,891 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).
Analysts noted that COMEX gold ended at $4,787.40 per troy ounce, up 3 per cent on a weekly basis, however a major resistance in ahead of $5,000, after which they predicted a strong bull run.
Market participants said the dollar came under pressure after the US-Iran truce, as traders reassessed the outlook for US interest rates.
Falling crude oil prices after the de-escalation fuelled hopes of lower inflation and renewed speculation about US Federal Reserve rate cuts in the medium term.
The commodities market navigated the week on a cautiously balanced note, with sentiment shaped by stabilising price action and continued macro uncertainty, a market participant said, adding that precious metals showed early signs of stability following recent volatility.
Meanwhile, currency movements—particularly in the USD/INR pair—are likely to remain a key driver, with recent rupee strength offering some cushion to domestic commodity prices, he added.
Any reversal in the currency trend, driven by shifts in global risk sentiment or renewed dollar strength, could influence the next phase of price action.
The MCX Gold prices are holding above the key support band of Rs 1,48,000 to Rs 1,46,000, while the immediate resistance is placed around the Rs 1,54,000 to Rs 1,55,000 zone, he added.
The MCX Silver prices are holding above the Rs 2,30,000 to Rs 2,25,000 support zone, with deeper support placed near Rs 2,05,000 to Rs 2,00,000, the analyst noted.
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